The Lifeboat Exit
May 27, 2022 |
About this episode
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In the first episode of “The Grinder” series John Warrillow is joined by John Whiting.
In 2017, John Whiting started Digital Kryptonite with the goal of providing business owners with more leads. Helping his clients mine LinkedIn, Whiting quickly grew his company from zero to seven figures within a year. The company saw massive growth month-over-month when suddenly Whiting received a message from his credit card processor that his account was being shut down.
Although 98% of Whiting’s customers were happy, 2% were not, which led to a greater dispute rate than Stripe allowed. This ultimately led to Whiting being placed on the Match List, which inhibited his ability to process payments. Suddenly, the seven-figure business Whiting had built was in jeopardy.
With little faith left, John received an email from a friend asking to buy his company. In his own words, it was a “lifeboat,” and Whiting jumped on with both feet.
In this – the first-ever edition of The Grinder –, you’ll discover how to:
- Prevent your company from getting on the “Match List”.
- Transfer payment processing accounts without losing all your clients.
- Use reviews to bolster your social proof.
- Present your flaws as opportunities to a potential acquirer.
- Handle a last-minute attempt by an acquirer to lower your company’s value.
- Spot a buyer’s weakness to get the most money for your business.
Check out our article on Hurricane Proof Your Business.
And Saying Goodbye To A Golden Goose too.
Show Notes & Links
The Ultimate Blueprint for an Insanely Successful Business
Definitions
Churn: Churn is a measurement of the percentage of accounts that cancel or choose not to renew their subscriptions. A high churn rate can negatively impact Monthly Recurring Revenue (MRR) and can also indicate dissatisfaction with a product or service.
Churn is the measure of how many customers stop using a product. This can be measured based on actual usage or failure to renew (when the product is sold using a subscription model). Often evaluated for a specific period of time, there can be a monthly, quarterly, or annual churn rate.
Source: https://www.productplan.com/glossary/churn/
About Our Guest
John Whiting
John has built two multiple 7-figure businesses, sold one of them (Digital Kryptonite) in 2019, and now is the CEO of Bulletproof Entrepreneur, a company that works with coaches, consultants & agency owners to master the mental game of business.
Follow John on Instagram @bulletproof.john
